THE CONDO BOOK PROJECT

Lic Manor Condominium

41-14 27th Street, Queens, NY 11101

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Overview

Units
32 residential · 30 storage · 2 commercial
Subway
2 min walk to Queensboro Plaza 7 N WQueens Plaza E F R, 5 min
Developer
East West Management
Principals
Shun-Qian Liu, Xiao Jun Zheng, Yu Liu
Average $/sf
$1,201Homes in Schedule A, as first offered
Common charges
$283–$1,559 a monthSponsor's first-year estimate in Schedule A, For the Period From September 1, 2019 to August 31, 2020
Offering price
$28.8 million total

The sponsor of record is Lic Manor Realty LLC, represented by Thomas E. Berinato, Attorney At Law. The offering plan runs 275 pages. The sponsor has filed 1 amendment, the latest in January 2021. The nearest other condo plan on file is Q27 Condominium, next door.

Plan CD190005 · New · accepted Nov 6, 2020 · AG record ↗

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FigureThis building1Core 23229 units · 0.1 miaccepted 2021Crescent331 units · 0.2 miaccepted 2020
Common ChargesPer Square Foot / Month$0.56Below peers$0.70$0.63
Average Offering PricePer Apartment$823,641Above peers$734,828$712,232
Average PricePer Square Foot$1,201In line$1,136$1,290
Property TaxesPer Square Foot / Month$0.57Below peers$0.65$0.83
Average Unit SizeSquare Feet686 SFLarger647 SF552 SF

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Unit mix, closings, budgets, finishes and the team, against Core 23 and Crescent, cited to the offering plans. No credit card required.

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How We Got This
  • Comps: the closest Queens plans on size, $/SF and launch date, within 2 miles when possible.
  • Figures: each building's own offering plan, filed with the NY Attorney General. Nothing is estimated.
  • Checked: a price list publishes only when its math adds up, and building pages cite the plan pages.
  • Labels: In line is between the comps; Below/Above peers is past both by up to 15%; Lowest/Highest by more.

Closings Pro

Homes closed94% of the homes in Schedule A32 of 34
Closing prices vs. Schedule A32 homes: $23,506,981 at closing against $25,292,800 in Schedule A (p. 30)−7.1%
Average closing price32 homes, on their Schedule A square feet$1,200 / SF
Closingsfirst and latest recordedJul 30, 2021 – Aug 23, 2022

Sales recorded with the Department of Finance (ACRIS) through Jul 31, 2026: deeds, or transfer tax filings for a building on leased land, of $10,000 or more. A home's first sale since the plan was filed is the sponsor's closing; resales aren't counted. Closing prices are compared with the same home's Schedule A price, as first offered; a deed covering more than one home isn't compared. Amendments often change prices before a home closes, and a deed that includes parking or storage counts its full price. ACRIS records a sale weeks after closing, so recent contracts don't appear yet. Every building's sales.

All 32 closings
HomeRecordedClosing priceSchedule ADifference
9DJul 30, 2021$672,045$650,000 p. 30+3.4%
4AAug 10, 2021$851,257$882,700 p. 30−3.6%
7AAug 10, 2021$893,005$882,700 p. 30+1.2%
9BAug 12, 2021$952,064$950,300 p. 30+0.2%
2CAug 13, 2021$610,950$678,600 p. 30−10%
3AAug 16, 2021$837,002$882,700 p. 30−5.2%
2DAug 18, 2021$585,494$650,000 p. 30−9.9%
3CAug 18, 2021$637,425$678,600 p. 30−6.1%
2BAug 19, 2021$850,239$950,300 p. 30−10.5%
5DAug 19, 2021$631,315$650,000 p. 30−2.9%
7DAug 20, 2021$651,680$650,000 p. 30+0.3%
9CAug 20, 2021$701,574$678,600 p. 30+3.4%
6BAug 23, 2021$906,243$950,300 p. 30−4.6%
4BAug 25, 2021$885,878$950,300 p. 30−6.8%
9AAug 26, 2021$916,425$882,700 p. 30+3.8%
7BAug 27, 2021$937,808$950,300 p. 30−1.3%
8DAug 27, 2021$661,863$650,000 p. 30+1.8%
7CAug 30, 2021$680,191$678,600 p. 30+0.2%
6AAug 31, 2021$865,000$882,700 p. 30−2%
8CSep 9, 2021$456,300$678,600 p. 30−32.8%
2ASep 10, 2021$814,600$882,700 p. 30−7.7%
3BSep 13, 2021$883,841$950,300 p. 30−7%
3DSep 14, 2021$610,950$650,000 p. 30−6%
8ASep 15, 2021$903,188$882,700 p. 30+2.3%
5AOct 14, 2021$865,513$882,700 p. 30−1.9%
6DOct 26, 2021$670,009$650,000 p. 30+3.1%
4CNov 5, 2021$486,720$678,600 p. 30−28.3%
4DDec 16, 2021$610,950$650,000 p. 30−6%
5BDec 23, 2021$496,860$950,300 p. 30−47.7%
5CDec 27, 2021$486,720$678,600 p. 30−28.3%
6CDec 27, 2021$496,860$678,600 p. 30−26.8%
8BAug 23, 2022$997,016$950,300 p. 30+4.9%

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Every home's recorded closing price against its Schedule A price, with the ACRIS document and the plan page.

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Budget

From our research: The Sponsor's Condo-Creation Fee in NYC · NYC Condo Insurance Costs Are Rising · Condo Supplies Cost per Unit, by Size

Team

Sponsor
Lic Manor Realty LLC
Developer
East West Management
Principals
Shun-Qian Liu, Xiao Jun Zheng, Yu Liu
Tax estimate
Thomas E. BerinatoPrepared the first-year real estate tax projection
Construction lender
The Berkshire Bank$8.5 million recorded

From our research: Do NYC Developers Rehire the Same Firms?

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